State of Alaska Department of Revenue Invests $804,000 in International Seaways, Inc. (NYSE:INSW)

State of Alaska Department of Revenue bought a new stake in International Seaways, Inc. (NYSE:INSW) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 22,390 shares of the transportation company’s stock, valued at approximately $804,000.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC lifted its holdings in shares of International Seaways by 221.0% during the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after acquiring an additional 414,610 shares during the period. Barclays PLC raised its position in International Seaways by 206.3% in the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after purchasing an additional 174,695 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in International Seaways during the third quarter worth about $6,168,000. Nisa Investment Advisors LLC boosted its holdings in International Seaways by 1,677.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 110,945 shares of the transportation company’s stock valued at $3,987,000 after purchasing an additional 104,704 shares in the last quarter. Finally, Private Management Group Inc. grew its stake in shares of International Seaways by 29.9% in the 4th quarter. Private Management Group Inc. now owns 382,750 shares of the transportation company’s stock valued at $13,756,000 after purchasing an additional 88,007 shares during the period. 67.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on INSW. Jefferies Financial Group cut their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Stifel Nicolaus cut International Seaways from a “buy” rating to a “hold” rating and cut their price objective for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Performance

NYSE:INSW opened at $38.16 on Friday. The stock has a market capitalization of $1.88 billion, a P/E ratio of 3.69 and a beta of -0.11. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways, Inc. has a 1 year low of $32.11 and a 1 year high of $65.94. The firm has a 50 day moving average of $37.33 and a 200-day moving average of $44.09.

Insider Activity at International Seaways

In other news, SVP Derek G. Solon sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total transaction of $46,692.00. Following the transaction, the senior vice president now directly owns 45,687 shares in the company, valued at approximately $1,777,681.17. This represents a 2.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $39.54, for a total transaction of $39,540.00. Following the completion of the sale, the senior vice president now directly owns 50,803 shares of the company’s stock, valued at approximately $2,008,750.62. This represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,200 shares of company stock valued at $160,402 in the last three months. Corporate insiders own 1.90% of the company’s stock.

International Seaways Profile

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.